Practice group leaders and law firms’ overall management will be facing tough choices as they plan for the post-pandemic legal marketplace.
Each practice area will be facing differing patterns of demand, for an unknown length of time. The current situation has also raised challenges for practice leaders to identify areas of potential growth, how to sustain profitability, which practices will be struggling, and how to address the talent challenges in those areas.
Most importantly, leaders will have to find ways of restructuring that means the firm can emerge from the crisis in better shape.
Best Practice Model
To that end, we have developed a Best Practice Model, based on data that examines what clients want from their lawyers and what the most outstanding lawyers in each practice area are doing.
This model can equip practice leaders to make planning decisions, as well as predict clients’ legal spend by examining what kinds of businesses will be prepared to spend and on what. The model can also help identify what best-in-class law firms are doing to support their partners and practices in order to increase collaboration and to retain top talent in the areas of greatest future growth.